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General Electric said that its property division had returned to profit during
the first three months of the year, marking the first time that it had
traded in the black since the third quarter of 2008. The news came as the
biggest American industrial company reported a 1 per cent rise in operating
profits, to $3.6 billion, despite an 8 per cent fall in sales to $35.2
billion. Jeff Immelt, the chairman and chief executive, announced record
infrastructure orders of $23.1 billion and said that sales in the group’s
industrial division had hit $23.7 billion, up by 14 per cent.